IEA sets up independent agency for regulation of state-owned companies

The Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar addressed a gathering focused on the establishment of an independent agency aimed at enhancing the strength and integration of state-owned corporations, the deputy prime minister office said in a statement.

Baradar said this decision aligns with the decree of the Islamic Emirates’ supreme leader, aiming to improve the management of state-owned corporations, boost national revenues, and prevent monopolies.

Baradar emphasized the significance of establishing this institution and said: “Government corporations in Afghanistan were highly effective a few decades ago, contributing up to 60 percent of the national budget. Their services surpassed those of the private sector, handling tasks with professionalism and strength that the private sector might have struggled with. Unfortunately, over the past 40 years, along with other parts of Afghanistan, government corporations faced challenges that were seldom discussed.”

He hailed the creation of an independent agency for state-owned corporations as a key achievement, clarifying that all government corporations will now operate under a single agency for improved efficiency and positive outcomes.

In this meeting, Abdul Latif Nazari, deputy economy minister also said that the IEA is trying to bring Afghanistan to economic self-sufficiency by implementing large infrastructure projects.

Nazari added that the coordination of companies under a single and independent umbrella is an important principle for national interests, growth and economic development of the country.

Meanwhile, a number of participants said that the establishment of an independent agency will lead to healthy competition between companies and the ground for attracting investment.

In the last four decades, many government companies were either destroyed or their equipment was plundered due to the war and conflicts in the country.